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EUR/USD 1.3864 Serves as Bull/Bear Dividing Line

EUR/USD 1.3864 Serves as Bull/Bear Dividing Line

2014-05-07 21:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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EUR/USD 1.3864 Serves as Bull/Bear Dividing Line

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-It is possible that an ending diagonal is underway from the November low. If that plays out, then the market will trade above 1.3966 (and most likely above 1.4000) before topping. As is the case with all USD crosses, a larger breakdown (USD) isn’t out of the question at this point and I’m not keen on fighting USD weakness until Friday at the earliest. Even then, there would have to be evidence of a top (in this case…a push above 1.4000 and strong reversal).

-1.3905 is support…look higher near term as long as price is above 1.3860.

LEVELS: 1.3864 1.38821.3905 | 1.3927 1.3966 1.4020

--Trading specifics (setups with entries, stops, targets) are availabletoJ.S. Trade Desk members.

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